Piper Sandler Companies (NYSE:PIPR) Downgraded by The Goldman Sachs Group to Neutral

Piper Sandler Companies (NYSE:PIPR) was downgraded by analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a report released on Monday, MarketBeat reports. They presently have a $317.00 price target on the financial services provider’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 7.62% from the stock’s previous close.

Several other equities research analysts have also issued reports on the company. StockNews.com lowered Piper Sandler Companies from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. JMP Securities restated a “market perform” rating on shares of Piper Sandler Companies in a research report on Tuesday, September 17th.

Piper Sandler Companies Stock Performance

NYSE:PIPR opened at $294.56 on Monday. Piper Sandler Companies has a 52 week low of $162.50 and a 52 week high of $351.80. The firm has a 50-day moving average price of $309.88 and a two-hundred day moving average price of $310.45. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 31.47 and a beta of 1.46.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, October 25th. The financial services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.04. The company had revenue of $359.57 million during the quarter, compared to analyst estimates of $365.07 million. Piper Sandler Companies had a return on equity of 16.06% and a net margin of 10.84%. As a group, sell-side analysts forecast that Piper Sandler Companies will post 11.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PIPR. State Street Corp lifted its holdings in Piper Sandler Companies by 0.3% during the third quarter. State Street Corp now owns 682,430 shares of the financial services provider’s stock valued at $193,680,000 after purchasing an additional 2,137 shares during the last quarter. FMR LLC increased its stake in shares of Piper Sandler Companies by 49.0% in the third quarter. FMR LLC now owns 625,048 shares of the financial services provider’s stock worth $177,395,000 after purchasing an additional 205,584 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Piper Sandler Companies by 2.0% in the third quarter. Geode Capital Management LLC now owns 377,586 shares of the financial services provider’s stock valued at $107,184,000 after purchasing an additional 7,344 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Piper Sandler Companies by 1.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,226 shares of the financial services provider’s stock valued at $58,245,000 after buying an additional 2,689 shares in the last quarter. Finally, Systematic Financial Management LP boosted its holdings in Piper Sandler Companies by 3.4% in the 3rd quarter. Systematic Financial Management LP now owns 196,342 shares of the financial services provider’s stock worth $55,724,000 after buying an additional 6,507 shares during the period. Institutional investors own 72.79% of the company’s stock.

Piper Sandler Companies Company Profile

Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. It offers investment banking services and institutional sales, trading, and research services for various equity and fixed income products; advisory services, such as mergers and acquisitions, equity and debt private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and municipal financial advisory and loan placement services, as well as various over-the-counter derivative products.